Your firm has an average receipt size of $$95.$ A bank has approached you concernin! lockbox service that will decrease your total collection time by $2$ days. You typic receive $8,600$ checks per day. The daily interest rate is $0\mathrm{.}015$ percent.

If the bank charges a fee of $$210$ per day, what is the NPV of the lockbox project?

What would the net annual savings be if the service were adopted?

Net annual savings